Question
MM inc works on a 10,500 contract in 2022 to construct an office building. During 2022, MM inc. uses the cost to cost method. At
MM inc works on a 10,500 contract in 2022 to construct an office building. During 2022, MM inc. uses the cost to cost method. At December 31,2022 the balances in certain accounts were:
Construction in progress- 3,780,000
Accounts Receivable- 360,000
billings on construction in process-1,800,000
Mobilization fee- 140,000
At December 31, 2020 the estimated cost at completion is 7,350,00
How much is the realized gross profit in 2022?
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Management Information Systems Managing the digital Firm
Authors: Kenneth C. Laudon, Carol Guercio Traver
14th edition
